# Hiab B (HIAB.HE)

Canonical: https://gigainvestors.com/s/HIAB.HE

Analysis as of: 2026-10-16T07:38:14.440Z. Financial observations: FY2006–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 53.30 per share; close as of 2026-10-15.

Estimated value: low EUR 38.41 per share, central EUR 42.74 per share, high EUR 48.50 per share. Buy at or below the central value EUR 42.74 per share. Valuation as of 2026-10-16T07:38:14.440Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.02×

- FY2021: 0.11×

- FY2022: 0.03×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: -4.8 pp

- Typical gross margin (annual median): 24.3%

- Recent gross margin (lower of latest and 3-year median): 29.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.3%

- FY2017: 18.6%

- FY2018: 13.3%

- FY2019: 12.5%

- FY2020: 4.5%

- FY2021: 26.1%

- FY2022: 6.8%

- FY2023: 15.5%

- FY2024: 22.0%

- FY2025: 27.4%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.3B

- Net income, five-year total: EUR 1.8B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 14.1 pp

- Working capital / revenue, final three-year average: 40.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.30×

- FY2022: 5.38×

- FY2023: 0.99×

- FY2024: 1.20×

- FY2025: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.3% vs 22.0%

- Per-share earnings: 2.05 to 5.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 1.5B

- Cumulative retained earnings: EUR -151M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.8%

- Per-share value change: EUR 3.34

- Per-share value, starting three-year median: EUR 2.05

- Per-share value, ending three-year median: EUR 5.39

- Buybacks concentrated in cheaper years (correlation): 0.61

- Average buyback yield: 0.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 173M

- Cumulative net income, 10 years: EUR 2.3B

- ROIC, first three-year median: 18.3%

- ROIC, last three-year median: 22.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.89

- FY2017: EUR 2.05

- FY2018: EUR 1.64

- FY2019: EUR 1.39

- FY2020: EUR 0.12

- FY2021: EUR 3.86

- FY2022: EUR 0.37

- FY2023: EUR 5.39

- FY2024: EUR 16.45

- FY2025: EUR 2.54

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -1.4%

- FY2018: 1.8%

- FY2019: -5.1%

- FY2020: -6.0%

- FY2021: 4.7%

- FY2022: -3.3%

- FY2023: -2.0%

- FY2024: 24.1%

- FY2025: -1.6%

## Holders

## Price story

Price needs cash profits to grow 4.1% a year for ten years · sales -5.5%

Story as of 2026-10-16T10:00:09.810Z; price observation 2026-10-15.

Price needs cash profits to grow 4.1% a year for ten years

### Sales · FY2024–2025

sales -5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.5B 

- FY2017: EUR 3.2B 

- FY2018: EUR 3.3B 

- FY2019: EUR 3.7B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.3B 

- FY2022: EUR 4.1B 

- FY2023: EUR 1.8B 

- FY2024: EUR 1.6B 

- FY2025: EUR 1.6B 

### Gross margin · FY2025

gross margin 30.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.9% 

- FY2017: 26.2% 

- FY2018: 24.6% 

- FY2019: 23.7% 

- FY2020: 22.3% 

- FY2021: 22.1% 

- FY2022: 21.0% 

- FY2023: 26.9% 

- FY2024: 29.1% 

- FY2025: 30.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 1.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2025: revenue 1556300000; grossProfit 469100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HIAB.HE: Hiab Oyj provides smart and on road load-handling solutions and services in Finland. The company provides loader cranes under HIAB, EFFER, and ARGOS brands; truck-mounted forklifts under MOFFETT and PRINCETON brands; forestry cranes under LOGLIFT brand; recycling cranes under JONSERED brand; demountable and hooklifts under MULTILIFT brand; roll-off cable hoists under GALFAB brand; tail lifts under ZEPRO, DEL, and WALTCO brands. It also offers maintenance, equipment warranty, and spare parts. The company serves waste and recycling, defense logistics, retail and final mile, and construction industries. The company was formerly known as Cargotec Corporation and changed its name to Hiab Oyj in March 2025. Hiab Oyj was founded in 1944 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 26.9% to 30.1% during 2023–25; it earns 16.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2023: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2024: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2025: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); 10-year return on capital observations [[2016,0.18313798686692723],[2017,0.18580058613608122],[2018,0.13268156424581004],[2019,0.12483994878361075],[2020,0.04464390243902439],[2021,0.2613212742620856],[2022,0.06753990794241505],[2023,0.15501025387172054],[2024,0.22035696118579484],[2025,0.27417517166345057]]; median 0.1690741203693239. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2016: growth capex 0; upkeep 80500000; owner earnings 123300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2017: growth capex 0; upkeep 84300000; owner earnings 120200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2018: growth capex 0; upkeep 71500000; owner earnings 112700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2019: growth capex 0; upkeep 68500000; owner earnings 154700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2020: growth capex 0; upkeep 46700000; owner earnings 105400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2021: growth capex 0; upkeep 43300000; owner earnings 320600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2022: growth capex 0; upkeep 66200000; owner earnings 128680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2023: growth capex 0; upkeep 81100000; owner earnings 344680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2024: growth capex 0; upkeep 44200000; owner earnings 1277380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); FY2025: growth capex 0; upkeep 17300000; owner earnings 187780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); Dividend observations: [[2016,52800000],[2017,62200000],[2018,68000000],[2019,71000000],[2020,77800000],[2021,69800000],[2022,70400000],[2023,87000000],[2024,138200000],[2025,178400000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 32.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HIAB.HE SharesStats.PercentInsiders = 32.889 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.1% yearly over ten years; actual growth was 2.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:14.440Z); Ten-year compound average after fade. Initial solved rate 0.04632833788612334. Price 53.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.219442314676567 → FY2025 2.9083778877785553. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 22.42 per share

- 2016-11: EUR 22.89 per share

- 2016-12: EUR 25.72 per share

- 2017-01: EUR 26.64 per share

- 2017-02: EUR 27.52 per share

- 2017-03: EUR 27.83 per share

- 2017-04: EUR 32.84 per share

- 2017-05: EUR 31.79 per share

- 2017-06: EUR 33.32 per share

- 2017-07: EUR 30.95 per share

- 2017-08: EUR 30.35 per share

- 2017-09: EUR 31.88 per share

- 2017-10: EUR 30.41 per share

- 2017-11: EUR 28.87 per share

- 2017-12: EUR 28.31 per share

- 2018-01: EUR 28.15 per share

- 2018-02: EUR 27.90 per share

- 2018-03: EUR 25.94 per share

- 2018-04: EUR 25.38 per share

- 2018-05: EUR 26.30 per share

- 2018-06: EUR 25.99 per share

- 2018-07: EUR 25.48 per share

- 2018-08: EUR 25.02 per share

- 2018-09: EUR 23.22 per share

- 2018-10: EUR 22.01 per share

- 2018-11: EUR 20.39 per share

- 2018-12: EUR 16.02 per share

- 2019-01: EUR 17.50 per share

- 2019-02: EUR 18.86 per share

- 2019-03: EUR 19.71 per share

- 2019-04: EUR 21.90 per share

- 2019-05: EUR 17.66 per share

- 2019-06: EUR 20.02 per share

- 2019-07: EUR 16.14 per share

- 2019-08: EUR 15.49 per share

- 2019-09: EUR 17.70 per share

- 2019-10: EUR 18.83 per share

- 2019-11: EUR 17.96 per share

- 2019-12: EUR 18.14 per share

- 2020-01: EUR 20.06 per share

- 2020-02: EUR 15.59 per share

- 2020-03: EUR 10.15 per share

- 2020-04: EUR 11.95 per share

- 2020-05: EUR 11.81 per share

- 2020-06: EUR 12.39 per share

- 2020-07: EUR 15.15 per share

- 2020-08: EUR 15.88 per share

- 2020-09: EUR 17.64 per share

- 2020-10: EUR 17.68 per share

- 2020-11: EUR 20.09 per share

- 2020-12: EUR 20.28 per share

- 2021-01: EUR 21.52 per share

- 2021-02: EUR 26.15 per share

- 2021-03: EUR 27.65 per share

- 2021-04: EUR 28.92 per share

- 2021-05: EUR 27.67 per share

- 2021-06: EUR 26.15 per share

- 2021-07: EUR 27.12 per share

- 2021-08: EUR 28.19 per share

- 2021-09: EUR 26.40 per share

- 2021-10: EUR 26.89 per share

- 2021-11: EUR 24.76 per share

- 2021-12: EUR 26.29 per share

- 2022-01: EUR 26.34 per share

- 2022-02: EUR 21.25 per share

- 2022-03: EUR 20.71 per share

- 2022-04: EUR 19.90 per share

- 2022-05: EUR 20.68 per share

- 2022-06: EUR 15.04 per share

- 2022-07: EUR 20.64 per share

- 2022-08: EUR 20.37 per share

- 2022-09: EUR 18.65 per share

- 2022-10: EUR 22.84 per share

- 2022-11: EUR 23.69 per share

- 2022-12: EUR 24.78 per share

- 2023-01: EUR 27.98 per share

- 2023-02: EUR 28.90 per share

- 2023-03: EUR 26.86 per share

- 2023-04: EUR 30.02 per share

- 2023-05: EUR 29.89 per share

- 2023-06: EUR 30.20 per share

- 2023-07: EUR 26.04 per share

- 2023-08: EUR 26.02 per share

- 2023-09: EUR 23.79 per share

- 2023-10: EUR 22.32 per share

- 2023-11: EUR 27.74 per share

- 2023-12: EUR 31.61 per share

- 2024-01: EUR 31.58 per share

- 2024-02: EUR 37.48 per share

- 2024-03: EUR 38.71 per share

- 2024-04: EUR 44.38 per share

- 2024-05: EUR 45.88 per share

- 2024-06: EUR 44.95 per share

- 2024-07: EUR 47.12 per share

- 2024-08: EUR 47.71 per share

- 2024-09: EUR 52.48 per share

- 2024-10: EUR 55.58 per share

- 2024-11: EUR 52.62 per share

- 2024-12: EUR 51.08 per share

- 2025-01: EUR 48.00 per share

- 2025-02: EUR 46.26 per share

- 2025-03: EUR 42.00 per share

- 2025-04: EUR 41.82 per share

- 2025-05: EUR 47.42 per share

- 2025-06: EUR 51.40 per share

- 2025-07: EUR 59.80 per share

- 2025-08: EUR 56.30 per share

- 2025-09: EUR 49.62 per share

- 2025-10: EUR 48.02 per share

- 2025-11: EUR 49.50 per share

- 2025-12: EUR 49.52 per share

- 2026-01: EUR 50.10 per share

- 2026-02: EUR 48.74 per share

- 2026-03: EUR 40.44 per share

- 2026-04: EUR 50.65 per share

- 2026-05: EUR 54.20 per share

- 2026-06: EUR 55.45 per share

- 2026-07: EUR 58.80 per share

- 2026-08: EUR 63.00 per share

- 2026-09: EUR 58.25 per share

- 2026-10: EUR 53.85 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 15.58 per share, central EUR 17.31 per share, high EUR 19.61 per share

- FY2017: low EUR 23.10 per share, central EUR 25.76 per share, high EUR 29.31 per share

- FY2018: low EUR 22.35 per share, central EUR 25.03 per share, high EUR 28.60 per share

- FY2019: low EUR 29.76 per share, central EUR 34.70 per share, high EUR 39.54 per share

- FY2020: low EUR 25.71 per share, central EUR 28.37 per share, high EUR 31.90 per share

- FY2021: low EUR 27.61 per share, central EUR 30.50 per share, high EUR 34.36 per share

- FY2022: low EUR 29.37 per share, central EUR 32.63 per share, high EUR 36.97 per share

- FY2023: low EUR 22.83 per share, central EUR 24.59 per share, high EUR 26.93 per share

- FY2024: low EUR 33.12 per share, central EUR 36.82 per share, high EUR 41.75 per share

- FY2025: low EUR 38.43 per share, central EUR 42.81 per share, high EUR 48.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:59.416Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations